Amendment status not verified — confirm the current text below against the official source.
(1) A Co-operative society shall have a charge upon the shares or interests in the capital and deposits of a member (including a past or deceased member) and upon the amount payable out of profit to a member or past member or to the estate of a deceased member on account of any debt due to it by such member or past member or deceased member, as the case may be. (2) Subject to the provisions of sections 70 to 73 and the rules and the by-laws, a Co-operative society may set off any amount credited or payable to a member or past member or the estate of a deceased member towards payment of any debt referred to in sub-section (1).